The Central Bank of India has introduced several rules for auto payment which will be applicable from October 1 and many banks have started notifying their customers about it.
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If you use auto-payment methods to pay bills and recharge, then it will be necessary to comply with the new orders of Reserve Bank of India. As per the new RBI orders, you will now need an Additional Factor Authentication (AFA) for transactions made using debit cards, credit cards, Unified Payments Interface (UPI), or other prepaid payment instruments (PPIs).
The Central Bank of India has introduced several rules for auto payment which will be applicable from October 1 and many banks have started notifying their customers about it. In such a situation, if you use Netflix, DTH or other service, then it is very important for you to understand the new guidelines of RBI. Today we are telling you about this.
Additional factor authentication made mandatory for transactions
According to the new guidelines of the Reserve Bank of India, an Additional Factor Authentication (AFA) will be required on the transactions made for prepaid payments. Basically, these rules will affect services like Hotstar, Prime Video, Netflix, Mobile and DTH recharge. Know what are the new rules regarding AFA…
- According to RBI, no standing instructions on credit and debit cards will be processed without additional factor authentication from October 1. The bank said that AFA will also be required for compulsory registration, modification and deletion.
- 24 hours before Auto Pay Debit, customers will get Pre-Debit (SMS/E-mail) notification. They can also opt-out of the transaction/mandate from the link provided in the pre-debit card. They can modify/cancel/view any standing instruction for which they can fix the maximum limit fixed on the card.
- For transactions exceeding the fixed maximum amount, there will be a link for AFA in the pre-debit link. AFA will be required every time for recurring transactions of amounts above Rs 5,000.
- If the standing instructions for payment are registered in the user’s bank account, there will be no change but, if these transactions are on the customer’s debit or credit card, they will be rejected from 1st October.
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